PM arrives in Hannover to seek investment

RSTV Bureau

PM-_GermanyPrime Minister Narendra Modi on Sunday arrived on the second leg of a three-nation tour during which he will seek Germany’s support for his ‘Make in India’ campaign.

During his three-day stay in Germany, the Prime Minister will meet German Chancellor Angela Merkel and German business leaders.

He is expected to invite German companies to invest in India and participate in ‘Make in India’ initiative.

Business and technology will be the focus of the trip.

He will first visit the Hannover Fair where India is a partner country this year. About 400 Indian companies are participating in the fair which will see the presence of about 100-120 Indian CEOs besides about 3000 German delegates.

Modi, along with Chancellor Merkel, will inaugurate the ‘India Pavilion’ of the Fair and address an India-German business summit.

He will also unveil a bust of Mahatma Gandhi in Hannover.

The two leaders will have detailed talks in Berlin with focus on how Germany can work with India in its developmental agenda.

The Prime Minister will visit a railway station in Berlin amid his government’s agenda of modernising Railways. He will also visit Siemens facility there.

The two leaders will address the Hannover Fair Business Summit, which focuses on the possibilities for promoting trade and industrial cooperation between India and Germany.

They will hold detailed discussions on various aspects of bilateral relations and international issues of “mutual interest” at their official talks in Berlin on Tuesday.

Germany is India’s largest trading partner in the EU and one of the top ten global trading partners.

The overall exchange of goods and services between the two countries was valued at around around 15.96 billion euros last year, a drop of 1.14 billion euros from the level of 16.10 billion euros registered in 2013.

While India’s exports to Germany rose marginally to 7.03 billion euros in 2014, its German imports dropped to 8.92 billion euros from 9.19 euros in the previous year, according to the Federal Statistical Office.

Germany is the 8th largest foreign investor in India. Its foreign direct investments in India during January-November 2014 were valued at around USD 995.7 million.

More than 1,600 Indo-German collaborations and around 600 Indo-German joint ventures are currently in operation.